NI Presbyterian mutual society, Short of funds for withdrawal?

expat68

no_more_f.w.o wrote: »

Arnold Don
Everyone (politicians, PCI, PMS savers) seems to be throwing all their efforts into the Number 10 petition and lobbying Gordon Brown and Treasury.

Do you think there is any chance of them bailing us out?

Chances are probably low but the petition story keeps PMS in the press which puts pressure on PCI and Assembly to work something out. Without any press the whole thing could be brushed under the carpet and ignored (this was the original PCI tactic remember). So indirectly the petition is a good thing. General principle of "if you dont ask you dont get" also applies. Its also a funny old world just now so who knows what will happen.

OldJohn

I just ask this as I once held a role similar to the Directors (not with any financial Inst.) I along with other Non paid folk carried a decision making function but our decisions were based on information we were given by the Paid Manager. I felt at times I was a rubber stamper!! How much detail did the Directors go into on the day to day running of the Society. How often did they meet? I would imagine that the paid Manager was responsible for the running of the Society, if not legally certainly morally.

expat68

OldJohn wrote: »

I just ask this as I once held a role similar to the Directors (not with any financial Inst.) I along with other Non paid folk carried a decision making function but our decisions were based on information we were given by the Paid Manager. I felt at times I was a rubber stamper!! How much detail did the Directors go into on the day to day running of the Society. How often did they meet? I would imagine that the paid Manager was responsible for the running of the Society, if not legally certainly morally.

Morally certainly but under company law the buck stops with the directors and if they delegate their responsibilites inappropriately it is their problem. Directors responsibilites are much more onerous now than in the past as a result of the new Companies Act - I wonder how many of them were even aware they had statutory obligations under civil law. I think they are probably becoming increasingly aware and increasingly worried.

expat68

http://www.freshfields.com/publications/pdfs/2006/17062.pdf

Good briefing if anyone is interested. Directors & Officers insurance is also mentioned.

Think we can safely say they failed on "promoting the success of the company" though to be balanced if your competitors are backed by the endless coffers of government it is difficult to compete. Bit like running a corner shop next door to a 24 hour Tesco.

amadan22

personally, i don't feel we're asking for a "bail out", just some sort of guarantor. we're really not in an overly bad state of affers compared with what hm treasuary is throwing it's money at! just a little leniency and time. we're not actually asking for a great big "there you go". or am i naive again?

red_bertie

Morning all - just a quick comment.

Even if there is an HMG bail-out, it will only be to £50K per. I know this will help a lot of the smaller savers, but what about all those who have put their life savings in PMS [like pensioners]?

Keep the pressure on getting the PCI to come up with a rescue to the PMS.

goodbyepci

Today's Tele

http://www.belfasttelegraph.co.uk/news/local-national/irsquom-willing-to-meet-with-pm-over-savings-crisis-says-new-moderator-14171370.html

goodbyepci

http://www.belfasttelegraph.co.uk/opinion/viewpoint/challenge-looms-for-new-moderator-14171694.html

fivealive_2

OldJohn wrote: »

I just ask this as I once held a role similar to the Directors (not with any financial Inst.) I along with other Non paid folk carried a decision making function but our decisions were based on information we were given by the Paid Manager. I felt at times I was a rubber stamper!! How much detail did the Directors go into on the day to day running of the Society. How often did they meet? I would imagine that the paid Manager was responsible for the running of the Society, if not legally certainly morally.

Unfortunately for me you are describing my work situation, only I am one of several employees at the very bottom of the pecking order, with an autocratic Paid Manager and a "puppet" Board of Directors. Pray for me._pale_

goodbyepci

http://www.ft.com/cms/s/0/64067fe8-f25b-11dd-9678-0000779fd2ac.html